The difference in the 2 figures is a fee that we are basically converting to an interest rate equivalent for discussions sake. If the 6 month extension is exercised the fee definitely won't stay the same so won't effectively halve to 12%.
The lender is doing normal business and won't be laughing any more than for their other deals. They are priced at this rate for a reason - some go bust and guarantors go missing or assets are devalued. The SME loans near that rate I saw had Director guarantees as well.
Ann: Short Term Funding Additional Information, page-15
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